The heart of your business, the hustle that drives it, has 5 parts…
“People don’t buy products, people buy people”. This statement as weird as it may seem is applicable to all businesses. As your business grows it will take on a personality of its own, below are some key elements to take into account when constructing a personality for your business that resonates with employees, customers and shareholders.
1. Purpose
Why do you hustle? And to make money isn’t the “why” it is more of a result, otherwise the statement “they are just in business for the money” wouldn’t have such a negative connotation.
Your business needs a more significant purpose, something people can buy into. By looking at Google – “Maximize access to information” it is clear that if you focus on your purpose, you can make a lot of money in the process. And as we learn through life the motive behind any action is the most important piece of the action.
Think of a daily task like brushing your teeth. Why do we brush our teeth? Because nobody wants to lose their teeth or have bad breath (The Motive) which is the driving factor for brushing our teeth (the action) . So what is the purpose of your business? What is your driving factor?
2. Mission
The mission statement of your hustle is not simply something written by a third party, but should be an expression made by you, the founder, of your desires and intent of your business.
A mission statement is your way to communicate the purpose, focus and direction of your business to your employees, customers and shareholders. Looking at Google’s mission statement as an example: “Our company mission is to organize the world’s information and make it universally accessible and useful. That’s why Search makes it easy to discover a broad range of information from a wide variety of sources.”
The reason businesses use mission statements, is to make it clear what they look to achieve as an organization, not only to themselves and their employees but to the customers and future investors.
Mission statements are a way to direct a business into the right direction, assist in strategic decision making and planning for future growth. It allows alignment of employees to all work towards a common purpose that benefits both the business and themselves. Having a clear purpose increases employee satisfaction and productivity.
A good mission statement is one that is clear and answers the following questions in a simple manner, without over complicating things.
- What do we do?
- How do we do it?
- Whom do we do it for?
- What value are we bringing?
3. Vision
Your hustle’s vision statement is an inspirational statement of the future you envision for your business, it sets a course toward a future that tells your employees what the business believes, how they should behave, and what kinds of decisions to make and the impact you want to make on the world.
What your business does and how you do it have nothing to do with your vision statement. A vision is a vivid mental image, especially a fanciful one of the future. So your vision statement should be something monumental, a future that doesn’t exist, but that inspires you and your employees to make it a reality.
There is no general consensus as to what makes a vision statement, but some common traits of a good Vision statement are, It is concise, clear, future orientated and inspiring.
Some function a Vision statement may serve for your business are:
Foundations for a broader strategic plan.
Motivate existing and future employees by attracting like-minded people.
Help your business focus on strategic opportunities that advance the company’s vision instead of chasing short term profit.
4. Values
Core business values can help you ensure that every stakeholder in your business, from leadership to clerk is working towards a common goal, a shared bigger purpose.
And one thing that is critical for workplace satisfaction, is purpose. The LinkedIn study “Purpose at work” which is the largest global study on the role of purpose in the workforce, revealed that 73% of purpose-oriented employees are satisfied in their jobs.
The study also found that connecting employees with purpose results in measurable business impact. Companies that lead with purpose are more likely to be profitable. 58% of companies with a clearly articulated and understood purpose experienced growth of +10% in the past three years.
If you want your business to be successful, long lasting and ultimately a motivating place to work for, core values are essential.
Taking “The Magical Number Seven, Plus or Minus Two” rule into account”: that the number of objects an average human can hold in short-term memory is 7 ± 2, we found that 5 core values are sufficient, here are some examples of core values from which you may wish to choose:
Dependability | Reliability | Loyalty | Commitment | Consistency | Honesty | Efficiency | Innovation | Creativity | Good humor | Compassion | Spirit of adventure | Motivation | Positivity | Optimism | Passion | Respect | Courage | Perseverance | Service to others
5. Culture
As the idiom goes “Birds of a feather flock together”, you need employees who believe in the same purpose, mission, vision and values to build a strong company culture.
Consequently, the culture will influence how employees relate to each other in your business, and will have a significant effect on their performance and productivity.
Here are some of the benefits of a strong workplace culture:
Identity – having a strong company culture will play a major role in creating the brand image you want for your business.
Enhances loyalty – culture will affect if your employees love working for your business, and reduce staff turnover.
Attracts new talent – A healthy workplace culture will not only help reduce staff turnover but will also help you attract the right talent.
Increased Productivity – when employees are happier, they show up consistently and take fewer sick days. Happy employees want to be at work and give 100 percent effort while they are there.
Generate More Revenue – Strong company culture makes employees want to be part of your business and customers want to work with you. You will see customer retention increase as they establish loyalty to your brand and build relationships with your employees. Ultimately happy customers refer others to you and are willing to spend more on products or services.
Businesses today face an unprecedented pace of change, focusing on the above can provide direction and clarity during challenging times, and help you reach your goals by staying the course.
“Culture is simply a shared way of doing something with a passion” — Brian Chesky
